Word: five
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Dates: during 1990-1990
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...themselves, a crude wrecking ball would knock many billions from government programs. The threat of an indiscriminate "sequester" of funds, the story went, would be so politically devastating as to scare the government into facing its fiscal responsibilities. That fantasy, in the form of the Gramm-Rudman-Hollings Act five years ago, projected a balanced budget by fiscal 1991, which begins Oct. 1. But the brutal fact is this: the nation will face a deficit of about $200 billion even if the cranky negotiations that dragged into the weekend produce a feasible deficit-reduction package...
George Bush brandished the sequester threat in his address to Congress last week. The President's original plan was to use the occasion to unveil a bipartisan "50/500" deal, which would pare $50 billion from the 1991 deficit and $500 billion over five years. For a while, everything seemed to be on track. Budget Director Richard Darman and congressional leaders had made some progress in bargaining sessions that started Sept. 7. But the negotiations bogged down before the speech. So instead of making a triumphant announcement, Bush used his prime-time pulpit to sermonize: "Most Americans are sick and tired...
...spending cuts and tax hikes "must be fair; all should contribute." But when the President got to specifics, fairness became scarce. In the name of promoting economic growth, Bush renewed his support of six tax giveaways that would cost the Treasury an estimated $30 billion over five years. The most controversial of these would cut the maximum levy on capital gains from 33% to 15%. Meanwhile, he seemed to reject any increase in income taxes for high earners. Concerning reductions in domestic spending -- the most politically explosive part of deficit control -- Bush was mute...
...hall's century-old Roman brick and terra cotta are suggested on the tower by a skin of brownish and amber brick in five shades, and the molding and cornice lines of Carnegie's beaux arts facade are continued across the front of Pelli's building. The high-rise is wrapped by thick metal bands at six-floor intervals corresponding to the older building's height...
Patients who are five minutes late will lose their appointment under the new procedure...